Today was published statistics on the index of business confidence in Germany from Ifo. Thus, the index in July rose to 108.0, which is 0.4 better than analysts' expectations. In the previous month index was 107.5. The reason for the growth of optimism was an agreement between Greece and its creditors. The positive effect is the program of quantitative easing in the Eurozone and the euro price reduction. Our medium-term forecast for the German stock market remains positive, but the decline may continue in the near future.